Mobile Money Market Revenue, Opportunity, Segment and Key Trends 2017-2027
Population in the emerging economies are getting adaptive to the advanced technology. The usage of smart devices is getting traction in the developing regions with better communication facilities. Majority of the low-income group population in the emerging countries make transactions using informal mode of networks that are prone to theft and have high transactional costs. Mobile money is the innovative payment type that is bridging the gap by providing financial services through mobile devices, offering from simple person-to-person transfers to complex banking transactions. Mobile money is easy, secure, fast, and affordable way of making payment, transferring money, and performing other transactions using mobile phone. Person-to-person nature of payment is expected to experience growth in the mobile money market in the forecast period owing to the banks offering highlighted convenience of immediate transfers including withdrawals and deposits through mobile devices. Mobile money services are accessed through SMS, and multiple transaction modes such as direct mobile billing, SIM toolkit (STK) or unstructured supplementary service data (USSD), mobile web/wireless application protocol systems are also widely adopted.
Population in the emerging economies are getting adaptive to the advanced technology. The usage of smart devices is getting traction in the developing regions with better communication facilities. Majority of the low-income group population in the emerging countries make transactions using informal mode of networks that are prone to theft and have high transactional costs.
Mobile money is the innovative payment type that is bridging the gap by providing financial services through mobile devices, offering from simple person-to-person transfers to complex banking transactions. Mobile money is easy, secure, fast, and affordable way of making payment, transferring money, and performing other transactions using mobile phone.
Person-to-person nature of payment is expected to experience growth in the mobile money market in the forecast period owing to the banks offering highlighted convenience of immediate transfers including withdrawals and deposits through mobile devices. Mobile money services are accessed through SMS, and multiple transaction modes such as direct mobile billing, SIM toolkit (STK) or unstructured supplementary service data (USSD), mobile web/wireless application protocol systems are also widely adopted.
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<strong>Mobile</strong> <strong>Money</strong> <strong>Market</strong><br />
Ug<strong>and</strong>a to enable its consumers of Ivory Coast to transfer funds <strong>and</strong> transact directly through their mobile<br />
phones.<br />
In April 2015, Vodafone M-Pesa <strong>and</strong> MTN <strong>Mobile</strong> <strong>Money</strong>, both mobile money service offering companies,<br />
collaborated to interconnect their mobile money services <strong>and</strong> allow their respective customers improving<br />
their convenience of mobile transactions focusing in the African market.<br />
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